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Monthly Trends: April 2024

With fears of rising CPMs being a hot topic, it’s refreshing to see that Meta CPM continued to drop in April (-1.8%). That being said, CPC rose slightly at +1.8%. At the bottom of the funnel, CPA rose +2.0% and ROAS dropped -4.8%.
Unlike Meta, Google CPM rose +3.3% in April, and CPC followed at +3.4%. At the bottom of the funnel, CPA spiked +30%. A strong AOV helped ROAS to only fall -5.2%. The spike in CPA is a concern and something to watch closely moving forward.
TikTok CPM stayed relatively flat (+0.7%) and CPA increased 5.6%. At the bottom of the funnel, CPA only increased +3.9% and ROAS improved +1.4%. The increase in ROAS can be attributed to continued improvement in AOV MoM.
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